Top decile Woolnough highlights core risk values

M&G manager goes overweight credit risk for the first time in four years, citing 80-year peaks in spreads but remains underweight distressed areas like financials

Richard Woolnough joined M&G in 2004 to head up the group's flagship £1bn-plus Corporate Bond fund, after building a strong credit track record at Old Mutual. He also heads up the Strategic Bond and Optimal Income portfolios, which can represent the group's credit views more aggressively. Woolnough has been cautious on credit markets for some time, despite many of his peers citing so-called career best opportunities in the asset class. He has only recently gone overweight credit risk for the first time in four years, citing 80-year peaks in spreads, although remains underweight distre...